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The board unanimously adopted Scenario 3, applying the minimum statutory payment for FY2027 and FY2028 and setting a goal of fully funding the retirement system by FY2029; the projected deferral cost is $271,893.
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The revised schedule lowers retirement funding payments for FY2027 and FY2028 to the minimum allowed under state law, which the board discussed as a way to reduce short-term pressure on city taxpayers. The board also unanimously approved an interim valuation for January 1, 2026 to monitor funding progress. The revised forecast must be sent to PERAC for acceptance.
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